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Banking is one of the fastest growing sectors with new technological innovations changing its future dramatically. This field is poised for a digital transformation at the hands of new and advanced tools, social media platforms and other new changes.

Sameer Garg, Vice-President & Regional Head of New Economy Group and Corporate Banking of Axis Bank, in course of a conversation with the Entrepreneur India, shared his views on whether India is readyfor a digital change.

Is India Ready?

“India is ready for the change. It is an evolutionary journey, not a revolutionary one, which we will see happening in near future,” he said. “Digital banking will evolve over a period of time and a set of clients will migrate from level services, depending on their experience and requirement,” he added.

Every Technology Not Relevant To Every Person

For Garg, digital banking will cover the entire population, irrespective of the fact whether an individual has a bank account or not. “The second step will be introduction of other advanced ways of banking like use of credit cards, debit cards or net banking. In the next stage, technology can be used in block-chain or artificial intelligence so that even a villager enjoys smooth banking services,” he added.

However, he also added that the banks needed to check what technology was relevant to a certain person as “one size fit for all” never worked in this respect. It should be customized for each and every user in the ecosystem.

Digitized BankingTransaction Can Happen Much Faster

According to Garg, transactions happen in three stages in a bank or any other financial services industry that has adopted digitization. The three stages include information, communication and transaction.

“One can utilize technology and improvise on the communication bit. The transactional side of banking can be upgraded with respect to the life of tools used, be it block-chain technology, big data or artificial technology. Information should keep flowing to a customer,” he explained.

The second stage of digital transaction happens when a bank is communicating with its customers based on their transactional behavior, using the big data and artificial intelligence technology.

“The customer may want to put some money in fixed deposit, apply for a mutual fund or go for a foreign exchange travel card. So, banks should try helping them do the transaction in a much faster, simplified and reliable way. When I say simplified and reliable, the actual role of technology and security comes in. Technology should be used to provide simplified solution. It implies simplified user experience,” he added.

Security aspects should also be taken into account while doing transactions, be it use of technology while making approvals or filling up gaps before making transactions alive.